Things That Beginners Rarely Do Even though It's Very Important

Trading is one of the activities that can make money. Many people enter the world of trading because it can be done automatically. No wonder, now many people who want to pursue the world of trading.

Everyone who starts trading wants to be a successful trader. But many of the novice traders lose a lot of money in a short period of time, usually because of a misstep. Here are things that beginners rarely do, namely:

Risk Limit

Many traders forget about risk limits. Setting risk limits is something that needs to come first before anything else. For example, by applying risk and reward 1:3 the trader can adjust the take profit level that the trader can be three times greater than the loss for each order. For example, traders use 0.1 lots, so traders can limit 300-500 pips of movement.

Creating Trading Records (Trading Journal)

A trading journal is a record that can be used to record a trader's trades. Traders use the trading journal as a reflection of previous activity so that they can evaluate themselves. Keeping a journal is a simple, effective way of improving a trading plan. A trading plan is a set of rules and guidelines that a trader will follow covering strategy, risk management, and trading psychology.

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